BUSINESS LIVE: NatWest’s profits triple; 500,000 British companies in “financial distress”
BUSINESS LIVE: NatWest Profits Triple in Third Quarter; Half a million UK businesses in “financial distress”; CMA to investigate Morrisons takeover
NatWest’s profits tripled in the third quarter of 2021, although the bank set aside cash to pay a fine for money laundering breaches.
The state-backed lender reported a pre-tax profit of £ 1.1bn for the period July-September, above the average of £ 677m analysts’ forecast and up from 355m of pounds sterling a year ago.
Amazon and Apple have raked in £ 142 billion in three months as the boom in online shopping and a new iPhone have skyrocketed sales.
They broke their own quarterly records – ending an exceptional week for US tech companies that also saw Microsoft, Alphabet and Facebook reach new heights.
More than half a million British companies were under “significant financial stress” in the third quarter of 2021, finds a study by Begbies Traynor.
It was accompanied by a 139% increase in county court judgments in the quarter, with companies going to court to collect their debts, while there was a 17% increase in “critical business distress.” more serious ”.
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Natwest reported pre-tax profits of £ 1.1bn in the three months to the end of September, beating analysts’ expectations of £ 677m.